The Economy League of Greater Philadelphia has launched its latest Impact Labs social innovation challenge, the Fair City Challenge: Community Solutions for Reinvesting in Philadelphia Neighborhoods.
This competition will award a $50,000 grand prize to a community-based social entrepreneur with an innovative, actionable solution that makes a direct, immediate impact on historically disinvested Philadelphia neighborhoods — while preventing displacement.
The challenge is driven by findings in an Economy League report, “Know Your Price, Philly,” which analyzed 70 years of property value data by race/ethnicity and neighborhood to quantify devaluation in Philadelphia. The report identified a $57 billion gap in appreciation values between properties in majority-white versus non-white neighborhoods, resulting in staggering housing wealth disparities.
“The Fair City Challenge is about more than just revaluing properties; it’s about reimagining how we invest in Philadelphia’s future,” said Jeff Hornstein, Executive Director of the Economy League of Greater Philadelphia. “By harnessing the wisdom, creativity, and lived experience of community-based entrepreneurs, we can identify and elevate solutions that not only help to close the racial wealth gap but also empower communities to thrive on their own terms.”
Sponsored by TD Bank, Comcast, Independence Blue Cross, and NewCourtland, the Fair City Challenge will award a cohort of finalists $10,000 each and entry into an accelerator program to develop a business plan that advances their idea. One grand-prize winner will earn a $50,000 investment and the opportunity to pilot their project.
“We are proud to support the Economy League of Greater Philadelphia’s Fair City Challenge and its mission to create scalable, community-driven solutions that create opportunities for upward economic mobility,” said Gregory E. Deavens, IBX’s President and CEO. “By empowering local innovators with necessary resources, the competition fosters opportunities for transformative ideas with positive economic impact to take root and flourish in communities served by Independence Blue Cross.”
The application portal will remain live until March 28. Interested applicants can learn more or apply by visiting the Economy League of Greater Philadelphia.
